Insurance company Hallmark Financial Services has reported a net income of $7.1 million for the fourth quarter ended December 31, 2007, compared to $4.7 million for the corresponding period of 2006.
Total revenues were $69.6 million for the quarter, an increase of 27% compared to $54.7 million for the corresponding period of 2006.
For the full-year period ended December 31, 2007, net income was $27.4 million, compared to $9.2 million in fiscal 2006. Total revenues were $274.5 million for the full-year period, an increase of 35% compared to $202.7 million in 2006.
Mark Morrison, president and CEO, said: I am pleased to report another landmark year of record earnings for Hallmark. The increase in our revenue for 2007 was the result of the continued execution of our plan to increase the retention of the business we produce despite softening market conditions across the property/casualty insurance industry.